Your money-making expert. Financial journalist, TV and radio personality.
We’ve recently seen the launch of the brand-new iPhone 15, and along with it, a huge buzz of excitement. For weeks in advance, there was speculation in the news about what new features the latest model would have, how it would improve on the last model, when it would launch, how much it would cost…you get the gist.
We’ve seen a repeated pattern over the years. Each year, a newer, shinier, and more powerful model is launched, luring us to upgrade. But, with all the excitement around the latest tech, it begs the question, what then happens to our old devices?
Well, new research from Mazuma finds that many of us Brits are holding on to them, as it is revealed that there are a staggering 150 million old, unwanted mobile phones and other tech devices collecting dust in drawers in homes across the country. Moreover, many households are stockpiling multiple devices.
But why are we keeping hold of our unwanted devices? It seems many people store them away in their home ‘just in case’ they need to use them again, but what is the likelihood that you’ll ever revert back to using your old device?
Considering we pay hundreds, even thousands, for our various tech items, there’s usually still serious value in our old tech once it’s reached the end of its useful life in our eyes.
Research suggests that the 150 million old devices that Brits are hoarding could be worth an eye-watering £13.9 billion*.
With the continuing cost of living squeeze, as well as the increasing focus on sustainability, it’s shocking to think that people are sitting on such a large number of old devices. Especially given that some unwanted devices could be traded in for substantial amounts of cash. Some recent iPhone models, for instance, have been known to fetch around £700 or more.
Trading in your old tech can put extra cash in your pocket, yet many people underestimate the value of their old devices. Tech trade-in services assess your gadget’s condition and offer you a fair market price for it. The cash you receive can go a long way in covering the cost of a new device or other expenses.
A common misconception is that trading in unwanted devices is a lot of hassle. So much so, that 13% of consumers think it’s easier to throw their old devices in the bin. But, trading in your old phone is actually a very quick and easy process, which often involves a few clicks online to have your device valued and a trip to the post office to send it off to the appropriate service – or some even offer a collection service.
For those that might be concerned about the personal information and data on their old phones, trusted trade-in services usually offer a data-wiping service, making it a much safer route than throwing it away, where it could end up in the wrong hands later down the line.
Plus, the money you earn from trading in your old phone could even be put towards a new device, meaning you can both make money, and save money.
This financial advantage makes upgrading to the latest tech not only more accessible but also more environmentally responsible, as it promotes a circular approach to personal technology consumption.
There are a few other things you can do to get your hands on the latest tech, without spending a fortune.
While tech trade-ins are a good option to declutter and earn a bit of extra cash, it’s important to act fast in order to maximise the amount of money you can get back. We know that tech depreciates in value fairly quickly. So, the longer you hold on to your old devices, the less money you are likely to get. The best thing to do is act fast and trade-in before the value drops.
Recent research has revealed that more than a quarter of the nation (27%) are holding onto two old devices, a further fifth (19%) have three and 17% even have four or more. So, the chances are a lot of us have old tech items collecting dust in drawers at home.
Why not have a clear out, declutter your drawers and trade-in your old technology to earn some money? It’s not just mobile phones that could earn you cash, most tech trade-in services also accept old laptops, tablets and games consoles too.
Aside from trading in your old devices, another budget-friendly option is to purchase refurbished phones. Buying refurbished devices through trusted services is a great way to slash the price tag of new tech. You’ll have the buzz of receiving a new gadget, without the sting of the often hefty price tags. Buying pre-loved phones can sometimes be a little bit risky, as you can’t be sure of the device’s condition. Opting for professionally refurbished devices gives that reassurance. These phones undergo rigorous testing to ensure they are in excellent condition, thereby guaranteeing quality and reliability.
A sim-only deal could also be a sensible choice. These contracts often feature rolling terms that allow for cancellation when needed, thereby providing flexibility and reducing the financial burden. The focus is primarily on data plans, and knowing your current data usage through your network provider can help you choose the most cost-effective option.
Furthermore, there’s no need to rush into getting a new phone just because it’s the latest model. If your current device is still in excellent working condition and satisfies your needs, there’s no pressure to upgrade. As the cost of living crisis rumbles on, many people are sticking with their current devices over upgrading, or purchasing refurbished devices over brand new after trading in their old ones.
With competitive trade-in prices, rapid payments, and different refurbished devices to fit your budget- why not explore your options and make the most of your old tech today?
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.